tech
From StepFun to Galbot: The Capital Migration Route Behind WAIC Exhibitors - 36Kr
WAIC 2026 'Financing Legion': Where is the Hundred Billion Capital Flowing?
TL;DR
- Over 100 billion RMB has been invested in core WAIC 2026 exhibitors in the past 18 months.
- Large models are the most capital-intensive sector, with companies like Zhipu and MiniMax completing IPOs, and others like StepFun and Shengshu Technology securing substantial funding.
- Embodied intelligence is a rapidly growing area, with companies like Unitree, Galbot, and Expropion raising over 30 billion RMB, attracting significant industrial and national investment.
- AI chips, vital for domestic substitution, are also attracting investment, with Moore Threads completing an IPO, though this sector faces longer R&D cycles and higher capital demands.
- Investment trends show a significant 'winner-take-all' effect, a shift towards industrial capital over pure financial investment, increased involvement from state-backed funds, and a diversification of exit channels beyond IPOs.